UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 9/30/2016

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS September 30, 2016 Unaudited

Principal Amount			Coupon		Maturity		Value
	Municipal Bonds and Notes—106.3%
	New York—80.4%
	$605,000	Albany County, NY IDA (Wildwood Programs)1		4.900%		07/01/2021	$	605,411
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875		07/01/2041		9,038,655
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625		07/01/2031		1,453,548
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375		07/01/2026		1,693,131
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2030		429,523
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2031		427,507
	200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2032		243,142
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2027		376,569
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2028		496,192
	550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2029		677,275
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)1		5.500		12/01/2028		1,422,883
	500,000	Albany, NY IDA (Albany Rehabilitation)1		8.375		06/01/2023		501,165
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2037		809,325
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2027		3,001,594
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2032		1,248,331
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300		04/01/2029		1,691,571
	630,000	Albany, NY Parking Authority		1.232  2		11/01/2017		598,966
	4,465,000	Amherst, NY IDA (Beechwood Health Care Center)1		5.200		01/01/2040		4,548,674
	150,000	Blauvelt, NY Volunteer Fire Company1,3		6.250		10/15/2017		150,957
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300		11/01/2033		2,769,105
	1,230,000	Brookhaven, NY IDA (Stony Brook Foundation)1		6.500		11/01/2020		1,232,977
	9,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2042		11,273,080
	2,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2030		3,071,600
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375		10/01/2041		2,035,075
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000		10/01/2031		1,040,268
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)1		5.250		07/01/2035		599,425
	210,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2031		252,315
	245,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2032		293,086
	300,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2029		365,340
	150,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2030		181,144
	2,100,000	Build NYC Resource Corp. (Chapin School)1		5.000		11/01/2026		2,740,521
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000		07/01/2030		590,285

1        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000%		07/01/2026	$	1,331,935
	1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500		01/01/2025		1,660,800
	3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000		01/01/2035		3,728,302
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2032		986,618
	2,870,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1,3		5.750		11/01/2030		2,953,747
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000		05/01/2040		1,142,900
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2030		593,089
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2031		624,569
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2039		275,790
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2034		224,320
	525,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450		09/15/2019		525,735
	105,000	Chautauqua, NY Utility District1		5.000		06/01/2025		105,231
	95,000	Chautauqua, NY Utility District1		5.000		06/01/2023		95,226
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000		07/01/2033		1,518,227
	630,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850		07/01/2023		632,041
	1,085,000	Clifton Springs, NY Hospital & Clinic1		8.000		01/01/2020		1,087,192
	2,335,000	Dutchess County, NY IDA (Marist College)1		5.000		07/01/2036		2,777,109
	1,255,000	Dutchess County, NY Local Devel. Corp. (Health Quest System/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2030		1,545,783
	3,680,000	Dutchess County, NY Local Devel. Corp. (Health Quest System/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2027		4,629,624
	1,195,000	Dutchess County, NY Local Devel. Corp. (Health Quest System/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2044		1,389,235
	5,575,000	Dutchess County, NY Local Devel. Corp. (Health Quest Systems/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2046		6,633,525
	650,000	Dutchess County, NY Local Devel. Corp. (HQS/VBHosp/ NDH/PHCtr Obligated Group)1		5.750		07/01/2040		741,858
	2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/VBHosp/ NDH/PHCtr Obligated Group)1		5.000		07/01/2035		3,284,743
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392  2		06/01/2027		813,560
	1,875,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750		03/01/2030		1,878,019
	2,560,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500		08/01/2033		2,588,006
	2,455,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250		06/01/2044		2,505,401
	10,000,000	Erie County, NY IDA (Buffalo City School District)1,3		5.000		05/01/2030		12,553,800
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875		06/01/2035		7,126,351
	2,730,000	Erie County, NY IDA (Global Concepts Charter School)1,3		6.250		10/01/2037		2,834,559
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000		02/01/2028		716,566

2      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645%	2		06/01/2060	$	4,157,440
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190  2			06/01/2055		1,754,529
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,417,600
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,623,600
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,102,409
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		411,107
	800,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		802,248
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,238,334
	260,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		260,707
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		902,430
	300,000	Franklin County, NY Solid Waste Management Authority1		5.000			06/01/2025		340,551
	55,000	Genesee County, NY IDA (United Memorial Medical Center)1		5.000			12/01/2032		55,070
	100,000	Glens Falls, NY GO1		6.000			02/01/2040		106,946
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2039		1,428,237
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2044		1,138,130
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		2,001,070
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2034		1,731,870
	34,450,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		40,618,961
	4,840,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		4,916,569
	10,475,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		11,559,162
	12,315,000	L.I., NY Power Authority, Series A1		5.000			09/01/2039		14,485,272
	14,530,000	L.I., NY Power Authority, Series A1		5.000			09/01/2044		17,067,955
	29,735,000	L.I., NY Power Authority, Series A1		5.000			09/01/2037		34,817,901
	20,000,000	L.I., NY Power Authority, Series A1		5.000			09/01/2042		23,333,400
	3,400,000	L.I., NY Power Authority, Series A1		5.000			05/01/2036		3,889,192
	1,900,000	L.I., NY Power Authority, Series B1		5.750			04/01/2033		2,125,530
	2,280,000	L.I., NY Power Authority, Series E1		5.000			12/01/2018		2,296,781
	3,000,000	L.I., NY Power Authority, Series F1		5.000			05/01/2018		3,011,160
	455,000	Lockport City, NY GO1		5.000			10/15/2021		512,626
	435,000	Lockport City, NY GO1		5.000			10/15/2020		480,984
	480,000	Lockport City, NY GO1		5.000			10/15/2022		548,424
	505,000	Lockport City, NY GO1		5.000			10/15/2023		582,916
	530,000	Lockport City, NY GO1		5.000			10/15/2024		612,240
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2033		106,662
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		5,653,086
	2,330,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,369,540
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2031		1,836,150
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2030		1,231,150
	3,660,000	Monroe County, NY IDA (Summit at Brighton)1		5.500			07/01/2027		3,662,525

3    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$2,515,000	Monroe County, NY IDA (Summit at Brighton)1		5.375%		07/01/2032	$	2,516,484
	180,000	Monroe County, NY IDA (University of Rochester)1		5.000		07/01/2028		228,618
	195,000	Monroe County, NY IDA (Volunteers of America)1		5.700		08/01/2018		195,064
	2,785,000	Monroe County, NY IDA (Volunteers of America)1		5.750		08/01/2028		2,785,473
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000		07/01/2034		445,035
	890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000		01/15/2038		1,033,575
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000		10/01/2026		971,150
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250		10/01/2031		571,360
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500		10/01/2041		2,091,583
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2042		2,272,868
	50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2037		56,935
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000		06/01/2034		1,742,841
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625		06/01/2026		988,788
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2044		1,722,267
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500		06/01/2034		1,143,581
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2029		587,845
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750		08/15/2035		17,846,086
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2032		1,859,640
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2033		1,235,240
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699  2		06/01/2061		2,574,000
	580,000	Monroe, NY Newpower Corp.1		5.625		01/01/2026		582,854
	2,305,000	Monroe, NY Newpower Corp.1		5.500		01/01/2034		2,314,197
	802,824	Municipal Assistance Corp. for Troy, NY		5.732  2		07/15/2021		747,084
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.740  2		01/15/2022		1,128,971
	1,000,000	Nassau County, NY GO1		5.000		01/01/2038		1,189,870
	4,025,000	Nassau County, NY GO1		5.000		04/01/2030		4,825,170
	6,475,000	Nassau County, NY GO1		5.000		04/01/2031		7,727,524
	7,045,000	Nassau County, NY GO1		5.000		04/01/2032		8,381,014
	285,000	Nassau County, NY IDA (ACDS)1,3		5.950		11/01/2022		289,460
	110,000	Nassau County, NY IDA (ALIA-HH)1		7.125		06/01/2017		110,169
	85,000	Nassau County, NY IDA (ALIA-HHS)1		7.125		06/01/2017		85,131
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)1		6.700		01/01/2049		5,848,792
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)4		2.000		01/01/2049		262,666

4      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$2,710,000	Nassau County, NY IDA (CSMR)1,3		5.950%		11/01/2022	$	2,752,411
	300,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1,3		5.950		11/01/2022		304,695
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.500		11/01/2037		1,684,734
	335,000	Nassau County, NY IDA (Life’s WORCA)1,3		5.950		11/01/2022		340,243
	530,000	Nassau County, NY IDA (PLUS Group Home)1,3		6.150		11/01/2022		539,503
	285,000	Nassau County, NY IDA, Series A-A1		6.000		06/01/2021		285,459
	350,000	Nassau County, NY IDA, Series A-C1		6.000		06/01/2021		350,563
	385,000	Nassau County, NY IDA, Series A-D1		6.000		06/01/2021		385,620
	300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI / SCSMC / CHS / SANC / SAR / SJRNC / SJR / VMNRC / CHFTEH / VMHCS / CHHSB Obligated Group)1		5.000		07/01/2033		348,990
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.219  2		06/01/2046		3,747,276
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		6.349  2		06/01/2060		162,400
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.818  2		06/01/2046		764,600
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		5.644  2		06/01/2060		5,434,357
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)		5.375		04/01/2036		3,682,661
	900,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750		06/01/2018		901,980
	150,000	Niagara Falls, NY Public Water Authority1		5.500		07/15/2034		150,344
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2035		567,015
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2042		959,183
	280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000		04/01/2021		323,873
	1,820,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375		12/15/2021		2,054,543
	13,300,000	NY Convention Center (Hotel Unit)1		5.000		11/15/2046		16,177,987
	19,230,000	NY Counties Tobacco Trust I1		6.625		06/01/2042		19,240,769
	5,290,000	NY Counties Tobacco Trust I1		6.500		06/01/2035		5,292,857
	13,260,000	NY Counties Tobacco Trust II (TASC)1		5.750		06/01/2043		13,325,637
	5,805,000	NY Counties Tobacco Trust II (TASC)1		5.625		06/01/2035		5,816,378
	80,000	NY Counties Tobacco Trust III (TASC)1		6.000		06/01/2043		80,047
	7,000,000	NY Counties Tobacco Trust IV1		5.000		06/01/2038		7,000,140
	66,335,000	NY Counties Tobacco Trust IV		4.900  2		06/01/2050		6,835,158
	154,690,000	NY Counties Tobacco Trust IV		5.391  2		06/01/2055		6,541,840
	608,700,000	NY Counties Tobacco Trust IV		5.822  2		06/01/2060		2,471,322
	253,390,000	NY Counties Tobacco Trust V		5.343  2		06/01/2050		25,313,661
	643,195,000	NY Counties Tobacco Trust V		6.845  2		06/01/2055		7,834,115
	1,790,900,000	NY Counties Tobacco Trust V		6.732  2		06/01/2060		7,575,507
	1,195,000	NY Counties Tobacco Trust VI1		6.250		06/01/2025		1,341,017
	47,920,000	NY Counties Tobacco Trust VI1		5.750		06/01/2043		57,519,334
	3,005,000	NY Counties Tobacco Trust VI1		6.450		06/01/2040		3,763,552
	3,315,000	NY Counties Tobacco Trust VI1		6.000		06/01/2043		3,878,484
	25,250,000	NY Counties Tobacco Trust VI1		5.625		06/01/2035		28,634,763
	870,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2041		1,006,373
	6,375,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2051		7,056,870
	1,000,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2036		1,167,660
	3,400,000	NY Counties Tobacco Trust VI (TASC)		5.000		06/01/2045		3,835,982

5    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)5		5.625%		01/15/2046	$	71,001,844
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.125		01/15/2044		16,796,250
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)4		6.125		02/15/2019		22
	10,000,000	NY MTA1		5.000		11/15/2029		12,731,300
	14,780,000	NY MTA1		5.000		11/15/2036		18,305,621
	450,000	NY MTA1		5.000		11/15/2025		452,398
	41,000,000	NY MTA Hudson Rail Yards1		5.000		11/15/2046		45,104,920
	39,500,000	NY MTA Hudson Rail Yards1		5.000		11/15/2056		45,593,270
	19,700,000	NY MTA Hudson Rail Yards1		5.000		11/15/2051		22,195,399
	500,000	NY MTA, Series A1		5.000		11/15/2026		612,940
	6,800,000	NY MTA, Series A1		5.250		11/15/2038		8,088,396
	795,000	NY MTA, Series A1		5.000		11/15/2025		931,494
	500,000	NY MTA, Series A1		5.000		11/15/2027		610,110
	8,350,000	NY MTA, Series A-11		5.000		11/15/2046		9,999,292
	5,000,000	NY MTA, Series B1		5.000		11/15/2037		6,067,000
	1,545,000	NY MTA, Series B1		5.000		11/15/2021		1,617,151
	5,135,000	NY MTA, Series B1		5.250		11/15/2039		6,273,121
	9,000,000	NY MTA, Series B1		5.250		11/15/2055		10,822,410
	4,000,000	NY MTA, Series C1		5.000		11/15/2038		4,705,720
	1,100,000	NY MTA, Series D1		5.250		11/15/2032		1,339,536
	1,100,000	NY MTA, Series D1		5.250		11/15/2030		1,356,828
	1,100,000	NY MTA, Series D1		5.250		11/15/2031		1,344,453
	585,000	NY MTA, Series D1		5.250		11/15/2027		731,759
	690,000	NY MTA, Series D1		5.250		11/15/2028		859,933
	1,100,000	NY MTA, Series D1		5.250		11/15/2029		1,365,881
	2,150,000	NY MTA, Series D1		5.000		11/15/2032		2,576,237
	8,385,000	NY MTA, Series D1		5.000		11/15/2023		8,774,232
	2,525,000	NY MTA, Series D1		5.000		11/15/2024		2,642,210
	1,100,000	NY MTA, Series D1		5.250		11/15/2033		1,346,917
	3,390,000	NY MTA, Series D1		5.000		11/15/2026		4,125,020
	27,675,000	NY MTA, Series D1		5.000		11/15/2030		33,161,569
	1,375,000	NY MTA, Series D1		5.250		11/15/2026		1,728,402
	1,225,000	NY MTA, Series D1		5.250		11/15/2034		1,423,744
	8,000,000	NY MTA, Series D-11		5.000		11/01/2027		9,703,040
	3,500,000	NY MTA, Series D-11		5.000		11/01/2028		4,231,815
	6,845,000	NY MTA, Series F1		5.000		11/15/2027		8,310,583
	36,670,000	NY MTA, Series F1		5.000		11/15/2030		43,939,827
	4,580,000	NY MTA, Series F1		5.000		11/15/2025		5,586,638
	3,000,000	NY MTA, Series H1		5.000		11/15/2025		3,657,120
	5,000,000	NY MTA, Series H1		5.000		11/15/2030		5,991,250
	2,100,000	NY MTA, Series H1		5.000		11/15/2033		2,516,325
	2,955,000	NY Tobacco Settlement Financing Corp. (TASC)1		5.000		06/01/2022		3,035,021
	400,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2028		489,468
	10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2041		12,222,400
	3,200,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2029		3,851,456
	2,100,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2030		2,550,492
	119,515,000	NY TSASC, Inc. (TFABs)1		5.125		06/01/2042		119,336,923

6      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$223,510,000	NY TSASC, Inc. (TFABs)1		5.000%		06/01/2034	$	223,796,093
	1,750,000	NY Utility Debt Securitization Authority1		5.000		12/15/2035		2,181,375
	8,750,000	NYC GO1		5.000		03/01/2033		10,411,013
	1,955,000	NYC GO1		6.250		12/15/2031		2,184,791
	45,000	NYC GO1		6.250		12/15/2031		50,521
	5,000,000	NYC GO1		5.000		08/01/2029		5,935,500
	350,000	NYC GO1		5.000		10/01/2030		420,739
	3,000,000	NYC GO1		5.000		08/01/2029		3,608,130
	3,800,000	NYC GO1		5.000		08/01/2035		4,444,594
	4,000,000	NYC GO1		5.000		08/01/2038		4,871,000
	10,495,000	NYC GO1		5.000		06/01/2034		12,692,023
	10,000,000	NYC GO5		5.000		10/01/2034		11,749,400
	4,000,000	NYC GO1		5.000		08/01/2037		4,882,720
	10,000,000	NYC GO1		5.000		06/01/2035		12,049,800
	20,000,000	NYC GO5		5.250		03/01/2021		22,045,200
	4,000,000	NYC GO1		5.000		08/01/2030		5,038,040
	380,000	NYC GO		5.375		06/01/2032		381,558
	250,000	NYC GO1		5.250		09/01/2025		270,780
	2,955,000	NYC GO1		5.500		04/01/2022		3,285,605
	230,000	NYC GO		5.250		06/01/2027		230,888
	5,000	NYC GO1		7.750		08/15/2028		5,127
	10,000	NYC GO1		5.500		11/15/2037		10,042
	5,000	NYC GO		5.320  6		01/15/2028		5,020
	1,340,000	NYC GO1		5.000		05/15/2036		1,481,249
	3,300,000	NYC GO1		5.000		10/01/2033		3,956,469
	5,135,000	NYC GO1		5.000		10/01/2032		6,172,835
	1,915,000	NYC GO1		5.000		10/01/2034		2,295,951
	2,500,000	NYC GO1		5.000		10/01/2029		3,019,650
	1,475,000	NYC GO Tender Option Bond Series 2015-XF2142 Trust7		18.483  8		5/15/2031		2,052,345
	875,000	NYC GO Tender Option Bond Series 2015-XF2142-2 Trust7		18.498  8		5/15/2033		1,250,690
	5,395,000	NYC GO Tender Option Bond Series 2015-XF2142-3 Trust7		15.969  8		5/15/2036		7,669,208
	8,035,000	NYC HDC (Multifamily Hsg.)5		5.200		11/01/2040		8,113,975
	10,910,000	NYC HDC (Multifamily Hsg.)5		5.700		11/01/2046		11,603,748
	2,435,000	NYC HDC (Multifamily Hsg.)5		5.100		11/01/2027		2,463,138
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450		11/01/2040		3,813,174
	3,000,000	NYC HDC (Multifamily Hsg.)5		5.125		11/01/2032		3,067,830
	780,000	NYC HDC (Multifamily Hsg.)1		5.000		11/01/2030		801,356
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200		11/01/2035		1,716,741
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350		05/01/2041		1,261,194
	2,840,000	NYC HDC (Multifamily Hsg.)5		5.550		11/01/2039		3,017,812
	3,090,000	NYC HDC (Multifamily Hsg.)5		5.500		11/01/2034		3,313,991
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450		11/01/2046		2,725,162
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350		11/01/2037		5,243,879
	5,100,000	NYC HDC (Multifamily Hsg.)1		5.150		11/01/2037		5,150,439
	25,000	NYC HDC (Multifamily Hsg.)1		5.550		11/01/2039		26,565

7    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$890,000	NYC HDC (Multifamily Hsg.)1		4.950%		11/01/2039	$	931,047
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250		11/01/2045		7,277,482
	28,040,000	NYC HDC (Multifamily Hsg.), Series B5		5.350		05/01/2049		28,334,219
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-15		4.875		11/01/2039		13,198,814
	890,000	NYC IDA (Allied Metal)1		7.125		12/01/2027		890,285
	1,650,000	NYC IDA (Amboy Properties)1		6.750		06/01/2020		1,650,165
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750		10/01/2036		133,858,323
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200		10/01/2022		21,867,986
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650		10/01/2028		85,293,738
	2,895,000	NYC IDA (Center for Elimination of Family Violence)1		7.375		11/01/2036		2,984,716
	12,500,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375		08/01/2027		12,252,875
	3,300,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375		08/01/2027		3,234,759
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250		07/01/2022		276,399
	1,490,000	NYC IDA (Comprehensive Care Management)1		6.000		05/01/2026		1,537,650
	245,000	NYC IDA (Comprehensive Care Management)1		7.875		12/01/2016		245,978
	1,225,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		1,227,646
	3,095,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		3,101,840
	3,145,000	NYC IDA (Comprehensive Care Management)1		6.125		11/01/2035		3,150,692
	425,000	NYC IDA (Cool Wind Ventilation)1		5.450		11/01/2017		426,398
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075		11/01/2027		5,694,949
	380,000	NYC IDA (Cool Wind Ventilation)1		5.450		11/01/2017		381,250
	240,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750		07/01/2020		239,746
	1,920,000	NYC IDA (Gourmet Boutique)1,3		10.000		05/01/2021		1,550,938
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750		12/01/2036		7,438,206
	500,000	NYC IDA (Independent Living Assoc.)1		6.200		07/01/2020		502,920
	2,500,000	NYC IDA (Manhattan Community Access Corp.)1		6.000		12/01/2036		2,568,725
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		9,662,284
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		1,995,643
	12,870,000	NYC IDA (MediSys Health Network)1		6.250		03/15/2024		12,876,564
	1,955,000	NYC IDA (Sahadi Fine Foods)1		6.750		11/01/2019		1,956,525
	175,000	NYC IDA (Samaritan Aids Services)3		5.000		11/01/2024		175,641
	395,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650		07/01/2023		395,308
	1,000,000	NYC IDA (The Bank Street College)1		5.250		12/01/2030		1,002,040
	380,000	NYC IDA (The Bank Street College)1		5.250		12/01/2021		381,075
	8,600,000	NYC IDA (The Child School)1		7.550		06/01/2033		8,622,360
	3,265,000	NYC IDA (Therapy & Learning Center)1		8.250		09/01/2031		3,267,514
	5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)1		5.000		07/01/2034		5,790,200
	705,000	NYC IDA (World Casing Corp.)1		6.700		11/01/2019		705,127
	335,000	NYC IDA (YAI/SFTU Obligated Group)1		5.000		07/01/2026		335,090
	18,110,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2046		18,204,353
	6,800,000	NYC IDA (Yankee Stadium)1,9		1.675		03/01/2022		6,666,924
	150,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2031		150,402
	16,500,000	NYC IDA (Yankee Stadium)1		7.000		03/01/2049		18,842,835
	220,000	NYC IDA (Yankee Stadium)		5.000		03/01/2036		220,704

8      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725%			11/01/2037	$	24,795,688
	31,750,000	NYC Municipal Water Finance Authority5		5.500			06/15/2043		37,299,898
	21,570,000	NYC Municipal Water Finance Authority5		5.375			06/15/2043		25,210,762
	665,000	NYC Municipal Water Finance Authority1		5.125			06/15/2030		714,935
	900,000	NYC Municipal Water Finance Authority1		5.625			06/15/2027		972,738
	7,185,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		8,717,489
	1,000,000	NYC Municipal Water Finance Authority1		5.625			06/15/2027		1,081,160
	50,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		53,529
	285,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		304,656
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		12,423,200
	4,825,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		5,232,761
	7,405,000	NYC Municipal Water Finance Authority1		5.250			06/15/2044		8,832,758
	5,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		6,066,450
	1,440,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		1,559,923
	7,525,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		8,372,691
	8,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		10,175,345
	30,000,000	NYC Municipal Water Finance Authority		0.900  1	0		06/15/2041		30,000,000
	700,000	NYC Transitional Finance Authority1		5.125			01/15/2034		762,699
	15,000,000	NYC Transitional Finance Authority (Building Aid)5		5.250			07/15/2037		17,612,700
	25,000,000	NYC Transitional Finance Authority (Building Aid)5		5.000			07/15/2037		29,713,750
	6,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		7,839,520
	5,065,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		6,091,827
	10,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		11,960,600
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,882,172
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		6,257,368
	3,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2030		3,684,420
	10,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		12,489,015
	650,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2029		819,813
	4,165,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		5,008,121
	2,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2036		2,531,300
	8,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		9,738,640
	5,405,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		6,560,427
	6,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2036		7,256,100
	15,000,000	NYC Transitional Finance Authority (Future Tax)5		5.000			05/01/2034		17,856,150
	20,335,000	NYC Transitional Finance Authority (Future Tax)5		5.000			02/01/2030		24,457,715
	7,575,000	NYC Transitional Finance Authority (Future Tax)1		5.500			11/01/2035		8,915,775
	12,745,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2040		15,495,371
	14,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2032		17,398,360
	2,400,000	NYC Transitional Finance Authority (Future Tax)1		5.250			02/01/2030		2,806,200
	13,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2038		15,830,750
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2035		9,668,377
	10,000,000	NYC Transitional Finance Authority (Future Tax)		0.960  1	0		11/01/2022		10,000,000
	5,695,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2041		6,816,972
	2,115,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000			04/01/2030		2,496,758
	2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000			04/01/2031		2,936,400
	3,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2040		4,722,433

9    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,300,000	NYS DA (ALIA-PSCH)1		4.800%			12/01/2023	$	5,486,560
	5,200,000	NYS DA (ALIA-PSCH)1		6.175			12/01/2031		5,341,752
	11,920,000	NYS DA (ALIA-PSCH)1		5.350			12/01/2035		12,430,891
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2030		495,463
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2028		983,144
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2027		987,403
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2029		496,349
	1,010,000	NYS DA (Cabrini of Westchester)1		5.200			02/15/2041		1,056,511
	260,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		294,096
	500,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		565,570
	25,000	NYS DA (City University)1		5.250			07/01/2030		31,885
	1,115,000	NYS DA (Columbia University)1		5.000			07/01/2038		1,195,224
	300,000	NYS DA (Culinary Institute of America)1		5.000			07/01/2034		338,571
	7,800,000	NYS DA (Fordham University)1		5.000			07/01/2038		8,361,210
	200,000	NYS DA (Fordham University)1		5.000			07/01/2030		240,340
	285,000	NYS DA (Fordham University)1		5.000			07/01/2038		305,452
	150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000			07/01/2034		177,434
	5,500,000	NYS DA (Interagency Council)1		7.000			07/01/2035		6,723,145
	3,000,000	NYS DA (Iona College)1		5.000			07/01/2032		3,413,220
	3,490,000	NYS DA (Manhattan College)1		5.300			07/01/2037		3,605,170
	40,450,000	NYS DA (Mental Health Services Facilities)		0.880  1	0		02/15/2031		40,450,000
	150,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2037		152,310
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000			07/01/2029		921,094
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,135,290
	2,100,000	NYS DA (New School)1		5.000			07/01/2040		2,472,414
	20,000,000	NYS DA (New York University)1		5.250			07/01/2048		21,511,200
	11,500,000	NYS DA (NSLIJ / LIJMC / NSUH / GCH / NSUHSFCEC&R / NSLIJHC / FrankHosp / HHA / LHH / SHosp / SIUH / PlainHlth / FHH Obligated Group)1		5.250			05/01/2034		13,357,135
	1,515,000	NYS DA (NSLIJ / LIJMC / NSUH / GCH / NSUHSFCEC&R / NSLIJHC / FrankHosp / HHA / LHH / SHosp / SIUH / PlainHlth / FHH Obligated Group)1		5.000			05/01/2033		1,828,757
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,073,260
	1,000,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		1,188,730
	12,500,000	NYS DA (NYU)1		5.000			07/01/2033		15,606,375
	5,890,000	NYS DA (NYU)1		5.000			07/01/2045		6,974,820
	7,500,000	NYS DA (NYU)1		5.000			07/01/2039		9,215,700
	500,000	NYS DA (Pratt Institute)1		5.000			07/01/2046		601,335
	1,000,000	NYS DA (Pratt Institute)1		5.000			07/01/2034		1,183,670
	6,035,000	NYS DA (Providence Rest)1		5.000			07/01/2035		6,037,052
	2,700,000	NYS DA (Providence Rest)1		5.125			07/01/2030		2,701,134
	3,100,000	NYS DA (Providence Rest)1		5.250			07/01/2025		3,104,495
	20,000,000	NYS DA (Sales Tax)1		5.000			03/15/2033		25,044,400
	10,000,000	NYS DA (Sales Tax)1		5.000			03/15/2034		12,481,600
	20,735,000	NYS DA (Sales Tax)1		5.000			03/15/2032		25,346,464
	14,995,000	NYS DA (Sales Tax)1		5.000			03/15/2035		18,655,429
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,724,333

10      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375%			10/01/2033	$	2,984,168
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		1,970,080
	245,000	NYS DA (Siena College)1		5.125			07/01/2039		263,079
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,284,222
	2,480,000	NYS DA (Special Surgery Hospital)1		6.000			08/15/2038		2,826,456
	400,000	NYS DA (St. John’s University)1		5.000			07/01/2034		478,856
	10,750,000	NYS DA (St. John’s University)1		5.000			07/01/2030		12,557,613
	270,000	NYS DA (St. John’s University)1		5.000			07/01/2028		317,334
	3,500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		3,828,125
	44,200,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		49,580,908
	23,435,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2033		29,183,137
	855,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2026		904,205
	9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2039		10,993,050
	12,995,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2040		15,872,743
	25,930,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		32,134,271
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2031		12,297,500
	15,915,000	NYS DA (State Personal Income Tax Authority)5		5.000			03/15/2034		18,519,154
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2036		6,128,100
	5,620,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		6,667,175
	2,295,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2027		2,772,062
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,396,390
	6,000,000	NYS DA (State University of New York)1		5.000			07/01/2038		6,431,700
	1,585,000	NYS DA (State University of New York)1		5.000			07/01/2035		1,805,664
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,815,876
	4,395,000	NYS DA (The New School)1		5.000			07/01/2031		5,026,342
	4,375,000	NYS DA (Touro College and University System)1		5.500			01/01/2039		4,995,244
	20,000	NYS DA (UCP-HCAS / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)		5.000			07/01/2034		20,072
	1,000,000	NYS DA (University of Rochester)1		5.750  6			07/01/2039		1,118,630
	11,695,000	NYS DA (Vassar College)5		5.000			07/01/2046		12,050,177
	2,885,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		2,924,842
	5,415,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		5,460,324
	1,145,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		1,352,520
	1,960,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		2,015,213
	615,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		684,065
	1,150,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		1,279,145
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2037		1,505,387
	8,340,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000			06/15/2034		8,801,953
	11,700,000	NYS HFA (222 East 44th Street)		0.960  1	0		05/01/2050		11,700,000
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450			11/01/2029		1,158,268
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,407,523
	150,000	NYS HFA (Affordable Hsg.)1		6.750			11/01/2038		166,089
	600,000	NYS HFA (Affordable Hsg.)1		5.200			11/01/2030		622,116
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,114,740
	10,220,000	NYS HFA (Affordable Hsg.)5		5.450			11/01/2045		10,415,905
	415,000	NYS HFA (Children’s Rescue)1,3		7.625			05/01/2018		415,104

11    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$885,000	NYS HFA (Friendship)1		5.100%			08/15/2041	$	886,133
	995,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		996,254
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		150,807
	125,000	NYS HFA (Horizons at Wawayanda)1		5.150			11/01/2040		127,410
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,083,266
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,713,146
	1,100,000	NYS HFA (River Terrace Associates)		0.860  1	0		05/15/2034		1,100,000
	315,000	NYS HFA (State Personal Income Tax Authority)1		5.000			03/15/2021		316,159
	310,000	NYS HFA (Tiffany Gardens)1		5.125			08/15/2037		314,039
	140,000	NYS LGSC (SCSB)		7.375			12/15/2016		140,724
	670,000	NYS LGSC (SCSB)		7.750			12/15/2021		671,320
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		23,829,000
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		1,164,500
	15,680,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		21,006,810
	16,700,000	NYS Power Authority1		5.000			11/15/2047		17,480,892
	25,000,000	NYS Thruway Authority1		5.000			01/01/2028		29,556,000
	11,720,000	NYS Thruway Authority1		5.000			05/01/2019		12,928,566
	7,650,000	NYS Thruway Authority1		5.000			01/01/2032		8,942,621
	3,000,000	NYS Thruway Authority1		5.250			01/01/2056		3,652,380
	3,250,000	NYS Thruway Authority1		5.000			01/01/2026		3,416,433
	29,115,000	NYS Thruway Authority1		5.000			01/01/2046		34,669,269
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund1		5.000			04/01/2029		2,377,440
	5,625,000	NYS Transitional Devel Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2035		5,983,256
	2,000,000	NYS Transitional Devel Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2036		2,118,880
	17,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250			01/01/2050		19,646,560
	29,000,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2041		33,065,800
	46,130,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2046		52,283,281
	6,165,000	NYS UDC (Service Contract)1		5.000			01/01/2023		6,484,655
	5,975,000	NYS UDC (Service Contract)1		5.000			01/01/2024		6,284,027
	40,000,000	NYS UDC (State Facilities)		0.880  1	0		03/15/2033		40,000,000
	20,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2025		25,595,800
	20,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2026		25,954,600
	10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		12,265,300
	4,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		4,890,440
	65,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		4.625			09/15/2030		65,001
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		830,473
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,226,321
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,149,777
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.000			07/01/2032		1,135,440
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,206,180
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.250			12/01/2041		4,073,697

12      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000%		07/01/2042	$	1,606,468
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2037		1,480,710
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2021		1,720,265
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375		12/01/2026		6,352,851
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2026		2,240,900
	345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		355,329
	1,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000		12/01/2036		1,172,480
	26,615,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2022		27,199,199
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2025		32,815,604
	23,000,000	Port Authority NY/NJ (KIAC)1,3		6.750		10/01/2019		23,007,130
	10,000	Port Authority NY/NJ, 146th Series1		4.750		12/01/2027		10,065
	26,100,000	Port Authority NY/NJ, 146th Series5		4.750		12/01/2027		26,269,285
	10,000	Port Authority NY/NJ, 146th Series1		4.500		12/01/2034		10,047
	20,000,000	Port Authority NY/NJ, 147th Series5		5.000		10/15/2032		20,360,580
	13,005,000	Port Authority NY/NJ, 147th Series5		4.750		10/15/2028		13,234,908
	17,790,000	Port Authority NY/NJ, 147th Series5		5.000		10/15/2027		18,129,958
	15,000,000	Port Authority NY/NJ, 151st Series5		6.000		09/15/2028		16,086,750
	10,000,000	Port Authority NY/NJ, 151st Series5		5.750		03/15/2035		10,630,482
	72,000,000	Port Authority NY/NJ, 151st Series1		5.750		03/15/2035		76,539,600
	22,500,000	Port Authority NY/NJ, 152nd Series5		5.750		11/01/2030		24,145,425
	101,940,000	Port Authority NY/NJ, 152nd Series5		5.250		11/01/2035		108,173,538
	1,200,000	Port Authority NY/NJ, 152nd Series1		5.750		11/01/2030		1,287,756
	15,300,000	Port Authority NY/NJ, 161st Series5		5.000		10/15/2031		17,153,748
	20,250,000	Port Authority NY/NJ, 163rd Series5		5.000		07/15/2039		22,893,192
	21,515,000	Port Authority NY/NJ, 166th Series5		5.000		01/15/2041		24,825,497
	15,000,000	Port Authority NY/NJ, 166th Series5		5.250		07/15/2036		17,477,700
	2,720,000	Port Authority NY/NJ, 169th Series1		5.000		10/15/2036		3,048,413
	400,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2034		455,524
	11,000,000	Port Authority NY/NJ, 184th Series1		5.000		09/01/2032		13,486,990
	8,340,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2033		9,903,750
	9,170,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2034		10,867,275
	13,715,000	Port Authority NY/NJ, Series 2014-XF00015		5.250		05/01/2038		14,553,635
	100,000	Poughkeepsie, NY GO1		4.400		06/01/2024		100,245
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000		08/01/2032		2,762,852
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000		03/15/2033		2,852,669
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375		12/01/2036		1,503,285
	4,820,000	Rensselaer, NY City School District COP1		5.000		06/01/2036		4,826,844
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900		07/01/2021		1,195,753
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750		08/15/2043		13,102,726
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.595  2		08/15/2060		8,854,920

13    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625%		08/15/2035	$	9,230,535
	1,095,000	SONYMA, Series 1961		1.350		10/01/2019		1,092,909
	1,075,000	SONYMA, Series 1961		1.250		04/01/2019		1,072,237
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000		09/01/2034		620,298
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375		09/01/2041		5,607,951
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000		09/01/2041		1,717,414
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250		12/01/2029		4,212,719
	540,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2036		654,097
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2030		1,497,229
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2031		1,579,767
	205,000	Suffern, NY GO1		5.000		03/15/2020		224,713
	21,405,000	Suffolk County, NY Economic Devel. Corp. (CHSLI \ CHFTEH \ SANC \ SAR \ SJRNC \ SJR \ VMNRC \ VMHCS \ CHHSB \ CHS \ SCOSMC Obligated Group)1		5.000		07/01/2028		24,234,527
	3,670,000	Suffolk County, NY Economic Devel. Corp. (CHSLI \ CHFTEH \ SANC \ SAR \ SJRNC \ SJR \ VMNRC \ VMHCS \ CHHSB \ CHS \ SCOSMC Obligated Group)1		5.000		07/01/2028		4,341,243
	810,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750		06/01/2027		848,507
	4,200,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375		12/01/2040		4,485,852
	350,000	Suffolk County, NY IDA (ACLD)1		6.000		12/01/2019		351,442
	1,075,000	Suffolk County, NY IDA (ALIA-ACLD)1,3		5.950		10/01/2021		1,093,028
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500		11/01/2037		860,852
	1,470,000	Suffolk County, NY IDA (ALIA-DDI)1,3		5.950		10/01/2021		1,494,652
	420,000	Suffolk County, NY IDA (ALIA-FREE)1,3		5.950		10/01/2021		427,043
	315,000	Suffolk County, NY IDA (ALIA-IGHL)1,3		6.000		10/01/2031		320,330
	400,000	Suffolk County, NY IDA (ALIA-IGHL)1,3		5.950		11/01/2022		408,136
	300,000	Suffolk County, NY IDA (ALIA-IGHL)1,3		5.950		10/01/2021		305,031
	340,000	Suffolk County, NY IDA (ALIA-NYS ARC)1,3		5.950		11/01/2022		346,916
	1,000,000	Suffolk County, NY IDA (ALIA-UCPAGS)1,3		5.950		10/01/2021		1,016,770
	325,000	Suffolk County, NY IDA (ALIA-WORCA)1,3		5.950		11/01/2022		331,611
	55,000	Suffolk County, NY IDA (DDI)1		6.000		12/01/2019		55,227
	75,000	Suffolk County, NY IDA (DDI)1,3		6.000		10/01/2020		75,554
	80,000	Suffolk County, NY IDA (DDI)1,3		6.000		10/01/2020		80,590
	130,000	Suffolk County, NY IDA (Dowling College)		5.000		06/01/2036		116,757
	1,065,000	Suffolk County, NY IDA (Huntington First Aid Squad)1		6.650		11/01/2017		1,067,790
	350,000	Suffolk County, NY IDA (Independent Group Home Living)1,3		6.000		10/01/2020		352,583
	105,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000		12/01/2019		105,433
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750		11/01/2036		1,904,352
	20,605,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500		01/01/2023		20,615,715

14      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$115,000	Suffolk County, NY IDA (Suffolk Hotels)1,3		6.000%		10/01/2020	$	115,849
	730,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000		12/01/2019		733,008
	485,000	Suffolk County, NY IDA (WORCA)1,3		6.000		10/01/2020		488,579
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996  2		06/01/2048		8,623,695
	9,130,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375		06/01/2028		9,481,140
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625  6		06/01/2044		127,399,902
	3,780,000	Sullivan County, NY Infrastructure (Adelaar)1,3		5.350		11/01/2049		3,748,135
	13,865,000	Sullivan County, NY Infrastructure (Adelaar)1,3		5.350		11/01/2049		13,748,257
	5,760,000	Sullivan County, NY Infrastructure (Adelaar)1,3		5.350		11/01/2049		5,711,962
	5,830,000	Sullivan County, NY Infrastructure (Adelaar)1,3		5.350		11/01/2049		5,780,562
	40,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		40,518,465
	203,935,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2036		204,762,976
	1,755,000	Syracuse, NY IDA (James Square)		2.552  2		08/01/2025		970,287
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1		5.000		07/01/2032		2,697,376
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1		5.000		07/01/2038		1,868,147
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000		09/01/2030		25,443,634
	185,000	Ulster County, NY Res Rec1		5.000		03/01/2020		185,546
	677,344	Westchester County, NY Healthcare Corp., Series A1		5.000		11/01/2044		779,257
	6,245,000	Westchester County, NY Healthcare Corp., Series A1		5.000		11/01/2030		7,087,326
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125		11/01/2041		1,908,828
	1,090,000	Westchester County, NY IDA (Clearview School)1		7.250		01/01/2035		1,093,335
	1,400,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500		11/01/2033		1,417,122
	2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2031		2,374,486
	2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2030		2,360,824
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)1		5.000		06/01/2030		1,594,200
	2,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000		06/01/2026		2,402,472
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125		06/01/2038		60,288,624
	3,080,000	White Plains, NY City School District1		5.000		06/15/2019		3,423,389
	1,970,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625		11/01/2019		1,970,493
	1,325,000	Yonkers, NY IDA (Philipsburg Hall Associates)1		7.500		11/01/2030		1,295,585
	5,100,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000		06/01/2041		5,782,992
	1,215,000	Yonkers, NY Parking Authority1		6.000		06/15/2024		1,190,481
	295,000	Yonkers, NY Parking Authority1		6.000		06/15/2018		295,507
								4,731,342,521
	U.S. Possessions—25.9%
	3,840,000	Guam Education Financing Foundation COP1		5.000		10/01/2023		4,556,198
	1,830,000	Guam Education Financing Foundation COP1		5.000		10/01/2022		2,131,767
	3,600,000	Guam Government Business Privilege1		5.000		01/01/2031		3,986,064
	6,000,000	Guam Government Business Privilege1		5.000		01/01/2032		6,621,840

15    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$1,735,000	Guam Government Waterworks Authority & Wastewater System1		5.250%		07/01/2025	$	2,109,049
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750		09/01/2031		374,763
	1,230,000	Guam Power Authority, Series A1		5.000		10/01/2023		1,468,841
	2,790,000	Guam Power Authority, Series A1		5.000		10/01/2030		3,278,473
	1,560,000	Guam Power Authority, Series A1		5.000		10/01/2024		1,850,394
	1,340,000	Northern Mariana Islands Commonwealth, Series A1,3		5.000		10/01/2022		1,338,486
	27,060,000	Northern Mariana Islands Commonwealth, Series A1		5.000		06/01/2030		25,007,228
	6,745,000	Northern Mariana Islands Ports Authority, Series A1		6.250		03/15/2028		6,300,235
	13,115,000	Northern Mariana Islands Ports Authority, Series A1		6.600		03/15/2028		13,644,059
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2029		1,207,578
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000		07/01/2033		1,476,150
	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2024		7,742,100
	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2047		11,852,656
	80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2038		62,985,216
	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2044		40,770,018
	49,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125		07/01/2047		50,442,560
	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125  6		07/01/2024		44,752,111
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622  2		05/15/2057		84,793,909
	68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.664  2		05/15/2050		6,380,775
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625		05/15/2043		56,595,438
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372  2		05/15/2057		33,318,016
	1,000,000	Puerto Rico Commonwealth GO4		6.000		07/01/2028		626,250
	3,670,000	Puerto Rico Commonwealth GO4		6.000		07/01/2040		2,231,837
	5,050,000	Puerto Rico Commonwealth GO4		6.500		07/01/2037		3,216,294
	390,000	Puerto Rico Commonwealth GO4		6.000		07/01/2039		241,800
	30,000,000	Puerto Rico Commonwealth GO4		5.750		07/01/2036		18,600,000
	3,205,000	Puerto Rico Commonwealth GO4		5.625		07/01/2033		1,987,100
	5,675,000	Puerto Rico Commonwealth GO4		6.500		07/01/2040		3,575,250
	2,700,000	Puerto Rico Commonwealth GO4		6.000		07/01/2035		1,674,000
	14,500,000	Puerto Rico Commonwealth GO4		5.250		07/01/2031		9,026,395
	3,315,000	Puerto Rico Commonwealth GO11		5.125		07/01/2031		2,453,100
	4,965,000	Puerto Rico Commonwealth GO4		5.250		07/01/2037		3,084,506
	10,230,000	Puerto Rico Commonwealth GO4		5.250		07/01/2034		6,342,600
	1,000,000	Puerto Rico Commonwealth GO4		5.500		07/01/2026		630,620
	7,850,000	Puerto Rico Commonwealth GO11		5.500		07/01/2029		5,809,000
	13,300,000	Puerto Rico Commonwealth GO4		5.125		07/01/2031		8,279,383
	5,000,000	Puerto Rico Commonwealth GO4		5.750		07/01/2028		3,134,000
	1,270,000	Puerto Rico Commonwealth GO1		6.000		07/01/2028		1,320,343
	76,300,000	Puerto Rico Commonwealth GO4		5.500		07/01/2032		47,734,806
	770,000	Puerto Rico Commonwealth GO4		5.875		07/01/2036		481,743
	5,000,000	Puerto Rico Commonwealth GO4		5.375		07/01/2033		3,115,150
	2,920,000	Puerto Rico Commonwealth GO4		5.250		07/01/2030		1,819,277
	2,000,000	Puerto Rico Commonwealth GO4		5.000		07/01/2033		1,242,580
	2,200,000	Puerto Rico Commonwealth GO4		5.250		07/01/2026		1,384,614
	2,500,000	Puerto Rico Commonwealth GO4		5.250		07/01/2032		1,564,150
	1,967,211	Puerto Rico Electric Power Authority		10.000		01/01/2021		1,561,688
	1,866,384	Puerto Rico Electric Power Authority		10.000		07/01/2019		1,489,901

16      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$655,737	Puerto Rico Electric Power Authority		10.000%		01/01/2022	$	520,323
	1,967,211	Puerto Rico Electric Power Authority		10.000		07/01/2021		1,561,688
	655,738	Puerto Rico Electric Power Authority		10.000		07/01/2022		520,324
	1,866,385	Puerto Rico Electric Power Authority		10.000		07/01/2019		1,489,902
	23,480,000	Puerto Rico Electric Power Authority, Series A7		7.000		07/01/2043		15,961,469
	3,620,000	Puerto Rico Electric Power Authority, Series A7		7.000		07/01/2033		2,461,274
	18,990,000	Puerto Rico Electric Power Authority, Series A7		6.750		07/01/2036		12,864,206
	1,095,000	Puerto Rico Electric Power Authority, Series A7		5.000		07/01/2042		738,096
	2,000,000	Puerto Rico Electric Power Authority, Series A7		5.000		07/01/2029		1,347,900
	9,000,000	Puerto Rico Electric Power Authority, Series AAA7		5.250		07/01/2022		6,070,230
	10,105,000	Puerto Rico Electric Power Authority, Series AAA7		5.250		07/01/2029		6,810,164
	9,625,000	Puerto Rico Electric Power Authority, Series AAA7		5.250		07/01/2031		6,486,384
	1,430,000	Puerto Rico Electric Power Authority, Series AAA7		5.250		07/01/2027		963,777
	13,295,000	Puerto Rico Electric Power Authority, Series CCC7		5.250		07/01/2028		8,959,899
	20,170,000	Puerto Rico Electric Power Authority, Series CCC7		5.250		07/01/2027		13,593,975
	510,000	Puerto Rico Electric Power Authority, Series RR		5.000		07/01/2024		516,207
	6,885,000	Puerto Rico Electric Power Authority, Series TT7		5.000		07/01/2037		4,640,834
	6,320,000	Puerto Rico Electric Power Authority, Series TT7		5.000		07/01/2032		4,259,490
	3,700,000	Puerto Rico Electric Power Authority, Series WW7		5.000		07/01/2028		2,493,615
	33,350,000	Puerto Rico Electric Power Authority, Series WW7		5.500		07/01/2038		22,473,898
	7,000,000	Puerto Rico Electric Power Authority, Series XX7		5.250		07/01/2040		4,718,350
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ7		5.250		07/01/2025		5,116,040
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ7		5.250		07/01/2024		6,741,100
	4,945,000	Puerto Rico Highway & Transportation Authority		5.300		07/01/2035		3,062,933
	9,515,000	Puerto Rico Highway & Transportation Authority4		5.000		07/01/2028		1,636,580
	270,000	Puerto Rico Highway & Transportation Authority4		5.750		07/01/2020		46,440
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000		07/01/2033		2,379,700
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000		07/01/2042		487,600
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H4		5.450		07/01/2035		296,800
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2027		1,722,500
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2030		303,425
	915,000	Puerto Rico Highway & Transportation Authority, Series L11		5.250		07/01/2030		480,576
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250		07/01/2023		2,875,184
	10,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000		07/01/2046		10,319
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000		07/01/2046		20,831,650
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N11		5.250		07/01/2039		30,068,116
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250		07/01/2032		3,497,101
	65,725,000	Puerto Rico Infrastructure4		5.728  2		07/01/2045		5,517,614

17    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$25,000,000	Puerto Rico Infrastructure4		5.797%	2		07/01/2032	$	4,037,750
	16,955,000	Puerto Rico Infrastructure		5.646  2			07/01/2029		8,002,421
	5,000,000	Puerto Rico Infrastructure4		6.000			12/15/2026		1,827,500
	17,490,000	Puerto Rico Infrastructure11		5.000			07/01/2037		2,920,830
	41,740,000	Puerto Rico Infrastructure11		5.000			07/01/2046		6,970,580
	675,000	Puerto Rico Infrastructure4		5.000			07/01/2037		112,725
	142,985,000	Puerto Rico Infrastructure4		5.000			07/01/2041		23,878,495
	25,255,000	Puerto Rico Infrastructure11		5.000			07/01/2031		4,217,585
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500			10/01/2037		853,843
	975,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		975,068
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		805,893
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		1,101,216
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		1,276,088
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		6,088,039
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		5,595,975
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		3,176,582
	650,000	Puerto Rico ITEMECF (International American University)1		5.000			10/01/2031		637,897
	4,455,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		4,455,000
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,134,860
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.000			10/01/2042		143,160
	5,490,000	Puerto Rico ITEMECF (University Plaza)1		5.000			07/01/2033		5,541,277
	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		2,031,379
	8,000,000	Puerto Rico Public Buildings Authority11		6.500			07/01/2030		4,810,000
	7,500,000	Puerto Rico Public Buildings Authority11		6.750			07/01/2036		4,490,625
	850,000	Puerto Rico Public Buildings Authority4		5.500			07/01/2037		496,187
	7,500,000	Puerto Rico Public Buildings Authority11		5.000			07/01/2037		4,368,750
	18,585,000	Puerto Rico Public Buildings Authority4		5.250			07/01/2029		10,918,687
	121,570,000	Puerto Rico Public Buildings Authority11		5.250			07/01/2033		70,814,525
	9,450,000	Puerto Rico Public Buildings Authority4		5.375			07/01/2033		5,516,438
	1,500,000	Puerto Rico Public Buildings Authority4		6.250			07/01/2021		894,375
	7,500,000	Puerto Rico Public Buildings Authority4		6.250			07/01/2031		4,471,875
	2,110,000	Puerto Rico Public Buildings Authority4		5.625			07/01/2039		1,231,712
	31,050,000	Puerto Rico Public Buildings Authority4		6.000			07/01/2041		18,203,063
	90,355,000	Puerto Rico Public Buildings Authority11		5.000			07/01/2036		52,631,788
	11,810,000	Puerto Rico Public Finance Corp., Series B11		5.500			08/01/2031		1,145,452
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		4,522,432
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		1,653,642
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.886  2			08/01/2034		1,799,133
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		761,986
	75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		39,665
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A		6.567  2			08/01/2043		29,119,328
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A		6.658  2			08/01/2041		4,101,220
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.499  2			08/01/2042		7,156,200
	291,445,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250			08/01/2057		220,055,547
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A		6.718  2			08/01/2045		1,892,459
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		5,113,400

18      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250%		08/01/2041	$	5,105,930
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		6.750  6		08/01/2032		22,146,222
	250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000		08/01/2042		134,053
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750		08/01/2057		71,666,539
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375		08/01/2036		2,105,680
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000		08/01/2039		777,461
	4,525,000	University of Puerto Rico		5.000		06/01/2026		1,854,345
	7,280,000	University of Puerto Rico, Series P		5.000		06/01/2030		2,958,883
	24,375,000	University of Puerto Rico, Series Q		5.000		06/01/2030		9,906,975
	67,190,000	University of Puerto Rico, Series Q		5.000		06/01/2036		26,959,316
	1,500,000	V.I. Public Finance Authority1		5.000		09/01/2033		1,696,845
	2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2032		2,399,025
	2,280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2032		2,265,112
	10,680,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000		10/01/2029		11,871,781
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		6.000		10/01/2039		604,644
	2,555,000	V.I. Public Finance Authority, Series A1		5.000		10/01/2032		2,811,701
	5,000,000	V.I. Public Finance Authority, Series C1		5.000		10/01/2039		4,932,750
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.296  2		05/15/2035		2,236,206
								1,527,562,114
	Total Municipal Bonds and Notes (Cost $7,116,243,349)							6,258,904,635
Shares
	Common Stocks—0.1%
	1,401	CMS Liquidating Trust12,13 (Cost $4,483,200)						3,921,959
	Total Investments, at Value (Cost $7,120,726,549)—106.4%							6,262,826,594
	Net Other Assets (Liabilities)—(6.4)							(377,443,367	)
	Net Assets—100.0%						$	5,885,383,227

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings.

2. Zero coupon bond reflects effective yield on the original acquisition date.

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 3 of the accompanying Notes.

4. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the contractual interest rate. See Note 3 of the accompanying Notes.

5. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 3 of the accompanying Notes.

6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

7. Subject to a forbearance agreement. Rate shown is the contractual interest rate. See Note 3 of the accompanying Notes.

8. Represents the current interest rate for the inverse floating rate security. See Note 3 of the accompanying Notes.

9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

19    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)

10. Represents the current interest rate for a variable or increasing rate security.

11. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

12. Non-income producing security.

13. Received as a result of a corporate action.

To simplify the listings of securities, abbreviations are used per the table below:
ACDS	Assoc. for Children with Down Syndrome
ACLD	Adults and Children with Learning and Developmental Disabilities
AFSFBM	Advocates for Services for the Blind Multihandicapped
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
CathHS	Catholic Health System
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHHSB	Catholic Home Health Services of Broward
CHS	Catholic Health Services
CHSLI	Catholic Health Services of Long Island
COP	Certificates of Participation
CPW	Cerebral Palsy of Westchester
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EFC	Environmental Facilities Corp.
EIISFAC	Eden II School for Austic Children
FHH	Forest Hills Hospital
FrankHosp	Franklin Hospital
FRC	Franziska Racker Centers
FREE	Family Residences and Essential Enterprises
GCH	Glen Cove Hospital
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HH	Harmony Heights, Inc.
HHA	Huntington Hospital Association
HHS	Harmony Heights School
HQS	Health Quest System
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KMHosp	Kenmore Mercy Hospital
L.I.	Long Island
LGSC	Local Government Services Corp.
LHH	Lenox Hill Hospital
LIJMC	Long Island Jewish Medical Center
MTA	Metropolitan Transportation Authority
NDH	Northern Dutchess Hospital
NSLIJ	North Shore Long Island Jewish

20      OPPENHEIMER ROCHESTER FUND MUNICIPALS

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
NSLIJHC	North Shore Long Island Jewish Health Care
NSUH	North Shore University Hospital
NSUHSFCEC&R	North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PHCtr	Putnam Hospital Center
PlainHlth	Plainview Health
PSCH	Professional Service Centers for the Handicapped, Inc.
Res Rec	Resource Recovery Facility
SANC	St. Anne’s Nursing Center
SAR	St. Anne’s Residence
SCOSMC	St. Catherine of Siena Medical Center
SCSB	Schuyler Community Services Board
SCSMC	St. Catherine of Sienna Medical Center
SFTU	Services for the Underserved
SFUMP	Services for the Underserved - MR Programs
SHosp	Southside Hospital
SIUH	Staten Island University Hospital
SJR	St. Joseph Residence
SJRNC	St. John’s Rehabilitation and Nursing Center
SNP	Special Needs Program
SOCHOB	Sisters of Charity Hospital of Buffalo
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UCP	United Creative Program
UCP-HCAS	United Cerebral Palsy and Handicapped Children’s Association of Syracuse
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UCPANYS	United Cerebral Palsy Association of New York State
UDC	Urban Development Corporation
V.I.	United States Virgin Islands
VBHosp	Vassar Brothers Hospital
VMHCS	Villa Maria Health Care Services
VMNRC	Villa Marina Nursing & Rehabilitation Center
WORCA	Working Organization for Retarded Children and Adults
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

21    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS September 30, 2016 Unaudited

1. Organization

Oppenheimer Rochester Fund Municipals (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

2. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

    The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

    The following methodologies are used to determine the market value or the fair value of the types of securities described below:

    Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price

22      OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Securities Valuation (Continued)

per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

    Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

    Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

    Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or

23    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

    To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts at period end based on valuation input level:

24    OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Securities Valuation (Continued)

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	4,731,342,499	$	22	$	4,731,342,521
U.S. Possessions		—		1,520,418,288		7,143,826		1,527,562,114
Common Stock		—		—		3,921,959		3,921,959
Total Assets	$	—	$	6,251,760,787	$	11,065,807	$	6,262,826,594

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

3. Investments and Risks

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

    An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a trust (the “Trust”). The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

    Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is

25    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

    Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund typically has the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

    The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating

26    OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to resell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

    Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $213,150,000.

    When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund

27    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $721,777,130 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $412,665,000 in short-term floating rate securities issued and outstanding at that date.

    At period end, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$      7,500,000	NY Liberty Devel. Corp. Tender Option Bond Series 2015-XF2153 Trust3		8.930	%		1/15/44	$	9,296,250
	2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		15.842			10/1/34		4,249,400
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		16.856			3/1/21		7,045,200
	7,905,000	NYC HDC Tender Option Bond Series 2016- XF0334 Trust		7.398			11/1/39		7,923,814
	1,225,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-2 Trust		8.710			11/1/27		1,253,138
	1,500,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-3 Trust		8.800			11/1/32		1,567,830
	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		17.980			11/1/39		887,812
	2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		18.570			11/1/46		3,423,748
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		17.730			11/1/34		998,991
	4,015,000	NYC HDC, Series J-2-C Tender Option Bond Series 2014-XF0008-7 Trust		8.960			11/1/40		4,093,975
	10,695,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) Tender Option Bond Series 2015-XF2133 Trust3		11.824			5/1/49		10,989,220
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		20.411			6/15/43		13,484,898
	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		17.356			6/15/43		9,035,762
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		16.987			7/15/37		6,362,700
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		15.972			7/15/37		10,963,750
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		8.651			5/1/34		10,356,150

28    OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$      10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		8.649	%		2/1/30	$	14,292,715
	5,265,000	NYS DA (Vassar College) Tender Option Bond Series 2015-XF0007 Trust		9.240			7/1/46		5,620,177
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		15.837			3/15/34		6,584,154
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		13.472			11/1/45		3,605,905
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		18.379			1/15/46		24,241,844
	3,750,000	Port Authority NY/NJ Tender Option Bond Series 2015-XF2138 Trust3		19.971			9/15/28		4,836,750
	15,660,000	Port Authority NY/NJ Tender Option Bond Series 2016-XF0331 Trust		6.973			12/1/27		15,829,285
	10,755,000	Port Authority NY/NJ Tender Option Bond Series 2016-XF2211 Trust		8.653			1/15/41		14,065,496
	4,895,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123 Trust3		14.589			10/15/27		5,234,958
	3,580,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-2 Trust3		13.662			10/15/28		3,809,908
	5,500,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-3 Trust3		14.597			10/15/32		5,860,580
	3,335,000	Port Authority NY/NJ, 151st Series Tender Option Bond Series 2015-XF0010 Trust		14.350			3/15/35		3,965,482
	6,860,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0001 Trust		9.030			5/1/38		7,698,635
	20,000,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0002 Trust		9.490			11/1/35		22,446,000
	7,500,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0031 Trust		14.557			11/1/30		9,145,425
	28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		9.689			11/1/35		32,757,538
	5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		18.391			7/15/39		7,703,192
	7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		9.158			7/15/36		9,977,700
	7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust3		8.651			10/15/31		9,503,748
								$	309,112,130

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting

29    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports, and interest on the security is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports.

    The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $412,665,000.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$41,737,500
Sold securities		65,600,661

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

30    OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

    The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment.

Information concerning securities not accruing interest at period end is as follows:

Cost	$541,049,803
Market Value	$225,076,478
Market Value as % of Net Assets	3.82%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. At period end, securities with an aggregate market value of $137,672,944, representing 2.34% of the Fund’s net assets, were subject to these forbearance agreements.

Concentration Risk. The Fund invests in obligations of issuers within certain states and U.S. territories. Risks may arise from geographic concentration in any state, commonwealth or territory, such as Puerto Rico, the U.S. Virgin Islands, Guam or the Northern Mariana Islands. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory such as ongoing developments in Puerto Rico may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

4. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market.

Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to

31    OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Market Risk Factors (Continued)

increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

5. Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$      6,728,641,4951
Gross unrealized appreciation	$         333,434,087
Gross unrealized depreciation	(1,194,838,825)
Net unrealized depreciation	$        (861,404,738)

1. The Federal tax cost of securities does not include cost of $395,589,837, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 3.

32    OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2016, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Rochester Fund Municipals

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/21/2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/21/2016

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	11/21/2016